After months of speculation, Italian candy maker Ferrero finally emerged this week as the winner in the race for Nestle's US confectionery assets, reportedly pipping rival Hershey to a business that has largely been sluggish in delivering results. But what lies ahead? Simon Harvey investigates.

Confectionery, particularly chocolate, is one of Nestle's flagship businesses and has often been the subject of speculation among industry watchers and the investment community. For much of the last decade, talk centred on whether Nestle would look to build its position in confectionery through the acquisition of a company like Switzerland's Lindt & Sprungli but, in recent quarters, the chatter has switched to whether the KitKat maker would look to quit the sector. Nestle's announcement yesterday (15 June) of plans to review the future of its US confectionery business has sparked a debate among analysts covering the world's largest food group. Dean Best reports.